Stony Point Fashion Park sold Monday for $14.6 million. (File photo)
Stony Point Fashion Park has a new owner.
The South Richmond mall sold Monday for $14.6 million, city records show.
The buyer is Second Horizon Capital, a Florida-based real estate investment firm.
The sale comes two years after the 19-year-old mall fell into receivership as its former owner, Starwood Retail Partners, fell behind on its payments on the debt securing the mall. Starwood had purchased the mall in 2014 for $72 million from its original developers.
The transaction was recorded with the city April 4, about three weeks after a Richmond Circuit Court judge issued an order approving the sale.
The 421,000-square-foot mall and 45-acre property included in the transaction were most recently assessed by the city at $40.8 million. The transaction does not include the Saks Fifth Avenue and Dillard’s anchor spaces, which those companies own.
Per its website, Second Horizon Capital focuses on reimagining “large-scale, underutilized commercial properties as vibrant destinations and local economic engines.” The mall was listed for sale last September as a redevelopment opportunity.
This is a developing story. Stay tuned to BizSense for more details.
Correction: The square-footage and acreage of the parts of the mall property involved in the transaction were initially misreported. Those details have been corrected.
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